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Euro Is Showing DeclineTitle:
Global stocks, euro slip on weakening growth
(Reuters) - U.S. stocks and the euro edged lower on Thursday as data suggested Europe's debt woes were spreading and worsening a global economic slowdown.
In a volatile session, investors looking for bargains earlier bought equities, oil and gold which have been battered this week by worries Greece would leave the euro zone. But the buying of growth-oriented assets faded as worries about the euro zone's drag on the world economy returned.
Stocks and other riskier assets turned negative as disappointing data from Europe, China and the United States compounded concerns about the economic contraction moving across Europe.
Amid speculation of more coordinated efforts from major central banks to stem further deterioration of the euro zone debt crisis, bond yields of Spanish, Italian and ...
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Gold prices rise 1 percent as dollar retreats
(Reuters) - Gold rose 1 percent on Thursday, snapping three days of losses to climb towards $1,580 an ounce, as the dollar swung back into negative territory versus the euro after a softer-than-expected U.S. manufacturing report.
Confidence in the single currency remains fragile after it earlier hit a near two-year low against the dollar. Dire German manufacturing and business climate data spooked investors already weighing up the risk of Greece leaving the euro zone.
But gold got a lift from International Monetary Fund data showing another rise in central bank gold holdings in April, after the largest purchase in over four years by the Philippines.
Spot gold rose as high as $1,577.50 an ounce and was up 0.8 percent to $1,573.11 an ounce by 9:50 a.m. EDT (1350 GMT), while U.S. gold ...
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Market Drivers - Currencies : 24/05/2012
Today's Comment
Yesterday we stated that a Chinese PMI figure below 49 would have a negative effect on the financial market. The Chinese PMI came out at 48.7, i.e. a fall from 49.3 last month … the effects of the fall is very evident in the FX market, particularly in respect of commodity-related currencies. This supports our scenario that the economy (global) is lagging a bit behind here in the second quarter, which can particularly be attributed to the renewed outbreak of the European debt crisis.
The PMI index has now been below 50 for seven months on end. This is very concerning, particularly because many investors maintain their positive investments as they expect that China will be in for a soft landing. If the landing is to be soft, the Chinese PMI figures will have to increase ...
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Shares, euro fall as Europe's economy worsens
(Reuters) - The euro hit a fresh 22-month low and European shares gave up early gains on Thursday after data showed Europe's economic slump has worsened, as talk of a Greek exit and a lack of progress in tackling the debt crisis hits business confidence.
Germany's manufacturing sector shrank at the fastest rate in three years in May, the Markit manufacturing Purchasing Managers Index (PMI) showed, as both exports and new orders coming into factories declined.
"May's drop in manufacturing production was the steepest in nearly three years and the current period of falling new orders now almost matches the length, though not the depth, of the contraction in 2008/09," Tim Moore, senior economist at Markit, said.
German business sentiment has also dropped for the first time in seven months, ...
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YouTradeFX Daily Market Analysis : 24/05/2012
Fundamental News
Today’s highlights:
- German GDP (QoQ) (GER, 07:00 GMT)
- French Manufacturing PMI (FRA, 07:00 GMT)
- German Manufacturing PMI (GER, 08:00 GMT)
- German Ifo Business Climate Index (GER, 09:00 GMT)
- GDP (QoQ) + Business Investment (QoQ) + BBA Mortgage Approvals (GB, 09:30 GMT)
- Initial Jobless Claims + Core Durable Goods Orders (MoM) (U.S, 13:30 GMT)
- ECB President Draghi Speaks (EUR, 14:00 GMT)
- Treasury Secretary Geithner Speaks (U.S., 19:00 GMT)
Demand for new U.S. homes rose more than forecast in April, indicating residential real estate may contribute to economic growth for the first time in seven years. Purchases rose to a 343,000 annual rate, up 3.3 percent from a revised 332,000 in March, the Commerce Department reported today in ...
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EUR/USD Cedes The 1.2624 Support
Sunrise Market Commentary
- Fixed Income: Risk off pushes German bond yields to new lows
- Risk off sentiment pushed core bonds higher and non-core bond yield spreads re-widened substantially. The Summit didn't bring new information, but another hole found in Spain's regions' budgets might get attention today.
- Currencies EUR/USD cedes the 1.2624 support
- On Wednesday, the EMU debt crisis was again omnipresent. Markets feared that the EU leaders wouldn't be able to take decisive action to address the debt crisis. Extreme risk aversion pushed EUR/USD to a new low for 2012. The losses of EUR/GBP were more contained, as poor UK retail sales and rather soft BoE minutes kept the door open for more policy stimulation.
The Sunrise Headlines
- In the final hour of trading, US ...
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Gold under pressure after EU summit, eyes to track European manufacturing and services
Gold is showing slight decline on Wednesday’s early trading to continue its drop for the third consecutive session on worries from the euro area amid frictions among European leaders over methods to tackle crisis and amid speculations of Greek exit to the euro area.
The main highlight yesterday was the informal EU summit that tackled euro area fiscal problems, where the meeting showed disagreement over introducing Eurobonds as German Chancellor Angela Merkel said after the EU summit that her country support her opposition to jointly issued common European bonds.
On the other hand, still there are many speculations that Greece may leave the euro zone which would lead to many negative consequences on European banks providing loans to Greece.
As long as debt crisis is intensifying, gold is ...
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Euro stuck near 22-month low on Greek exit worry
(Reuters) - The euro hovered just above its 22-month low against the dollar on Thursday and remained vulnerable to further declines as the prospect of a Greek exit from the euro zone kept investors on tenterhooks.
The euro eased 0.1 percent to $1.2575. It fell to about $1.2545 the previous day, its lowest level since July 2010. That level should provide initial support, followed by $1.2500.
The euro drew little comfort from an informal summit of European Union leaders that shed no new light on how the euro zone nations intend to tackle its debt crisis, including the threat of Greece's exit from euro.
"It's still hard to see what the endgame will be like," said a trader at a Japanese bank in Tokyo.
European Union leaders urged Greece to stay the course on austerity and complete the ...
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Crude prices rise, Iran nuclear talks go to 2nd day
(Reuters) - Crude rose on Thursday after Washington signaled it was hopeful of progress in resolving a dispute over Iran's nuclear goals as talks on the issue enter a second day, easing fears of oil supply disruptions.
But economic concerns about the euro zone lingered, with European leaders preparing contingency plans in case Greece decides to quit the euro.
FUNDAMENTALS
U.S. crude rose 65 cents to $90.55 at 9.21 p.m. EDT.
ICE Brent crude climbed 92 cents to $106.48 a barrel.
Iran and six major powers exchanged proposals at talks in Baghdad on Wednesday, attempting to defuse a dispute over Tehran's nuclear energy program.
Wednesday's meeting came a day after International Atomic Energy Agency (IAEA) Director General Yukiya Amano said he expected to sign a deal with Iran soon to ...
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